The Arsenal forward says he will not be making any late bid to try and gain a place in the England squad for this summer's World Cup finals and admits he may even miss the start of next season.
The 25-year-old, who ruptured the anterior cruciate ligament in his left knee during the latter stages of the victory over Tottenham, says he will only consider playing again when fully fit.
Speaking to the official Arsenal Match Day magazine ahead of Monday's Sky Live Premier League game against Newcastle, Walcott said: "I am not pushing myself to be fit for the World Cup or anything like that.
"I want to be back quickly, of course, but safely too. I want to try and be back for the early part of next season, that is the goal, so there will be a lot of hard work throughout the summer and during the World Cup."
As for his rehabilitation, he added: "It has nearly been four months now and my recovery has gone on track so far. At the moment, I'm working on muscle strength and building muscle in my quad.
"I don't see any point in being down in the dumps about the injury because it has already happened and there are a lot of people with worse problems in the world.
"I will just get on with my work. I am first in and last out on most days. I see the consultant soon, too, and hopefully he will give me the thumbs up to push on. I would love to be running in a few weeks."